Labrador Gold Intersects 1.81g/t Au Over 20.15 Metres at Dropkick, Extends Zone to 360 Metres

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TORONTO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the highly prospective Appleton Fault Zone. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.

Final results from first stage drilling at DropKick include significant near surface gold mineralization of 20.15 metres grading 1.81g/t Au from 50 metres, including 4.14g/t Au over 4.5 metres in Hole K-23-248. Several near surface intervals were also intersected in Hole K-23-245 including 1.77g/t Au over 5.15 metres from 31.85 metres downhole. Holes K-23-245 and -248 represent a 67 metre step out to the northeast. Hole K-23-254, a 136 metre step out to the southwest, intersected 2.45g/t Au over 4.1 metres from 108.9 metres, including an interval of 16.68g/t Au over 0.3 metres that contained visible gold. These latest intersections extend the known mineralization at Dropkick to over 360 metres strike length and it remains open in both directions. Twelve of the 15 holes drilled at Dropkick intersected gold mineralization with four holes containing visible gold.

“During the first phase of drilling at DropKick we demonstrated the presence of near surface gold over significant widths while increasing the strike length of known mineralization which remains open along strike in both directions. Further drilling is required to demonstrate the true potential of this discovery,” said Roger Moss, President and CEO of LabGold. ”Planning is currently underway for drilling in The Gap, between Big Vein and Pristine, and to the south of Big Vein towards the recent Knobby discovery. Drilling of targets in these areas is expected to begin before the end of the month. We are excited to start filling in the gaps between the four discoveries made along a 7 kilometre section of the Appleton Fault Zone at Kingsway.”

Follow up drilling at Pristine included an intersection of 1.05g/t Au over 11 metres from 90 metres in Hole K-23-276 and 1.28g/t Au over 6.18 metres from 66.47 metres in Hole K-23-272. Mineralization drilled to date at Pristine mostly occurs above 86 metres vertical depth and extends over a strike length of approximately 160 metres.

Ongoing drilling at Big Vein intersected 2.76g/t Au over 8.97 metres from 233.56 metres, including 7.04g/t over 3.09 metres in Hole K-23-278.

Hole IDFrom (m)To (m)Interval (m)Au (g/t)Zone
K-23-278233.56242.538.972.76Big Vein
including236.00239.093.097.04
K-23-27690.00101.0011.001.05Pristine
including92.9597.804.851.82
K-23-27266.4772.656.181.28Pristine
including68.0070.802.802.33
K-23-260156.57160.003.431.06Pristine
K-23-25967.5068.350.851.22Pristine
K-23-254108.90113.004.102.45DropKick
including108.90110.801.904.56
including109.40109.700.3016.68
K-23-253nsv   Big Vein
K-23-25253.0091.0038.000.55Big Vein
including60.0064.004.001.28
and73.0074.001.001.11
K-23-249nsv   Big Vein
K-23-24850.0070.1520.151.81DropKick
including55.0070.1515.152.32
including58.0070.1512.152.72
including59.9064.404.504.14
K-23-247126.70128.001.301.32Big Vein
 198.00198.950.951.20
K-23-24510.0012.652.651.16Dropkick
 31.8537.005.151.77
including35.0036.351.353.17
 44.8045.600.801.34
 53.0054.501.501.04
 89.00103.0014.000.60
including91.9594.002.051.42
 192.00193.151.151.90
 250.25251.150.901.32
K-23-24429.0033.004.001.10Big Vein
K-23-243nsv   DropKick
K-23-242224.43225.160.731.88Big Vein
K-23-241nsv   Big Vein

Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.

Almost 85,000 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 6,100 metres of core.

The Company has approximately $10 million in cash and is well funded to carry out the remaining 15,000 metres of the planned drill program as well as further exploration to add to the current pipeline of drill targets on the property.

Plan map of Dropkick drill holes showing highlights of latest results.

Figure 1. Plan map of Dropkick drill holes showing highlights of latest results.

Plan map of occurrences with selected drill intersections along the Appleton Fault Zone.

Figure 2. Plan map of occurrences with selected drill intersections along the Appleton Fault Zone.

Hole IDEastingNorthingElevationAzimuthInclinationTotal Depth
K-23-27866173654353923713065420
K-23-27666192754360725627565200
K-23-27266193354360695931565278
K-23-260661750543587258090209
K-23-25966184554360015330045191
K-23-25466315954381265514045160.55
K-23-2536615545435459452045160
K-23-25266145054353125412570349
K-23-24966127254350936214565379
K-23-24866340854383815214065173
K-23-24766155354354585012550233
K-23-24566340954383805314045259
K-23-24366335354382735814065131
K-23-24466158954354304914045228
K-23-24266132154351115214555307
K-23-24166145054353125312550250

Table 2. Drill hole collar details

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch. Approximately 5% of sample pulps are submitted to Bureau Veritas, an ISO 17025 accredited Laboratory in Vancouver, BC for check assays.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

About Labrador GoldLabrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $10 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

X@LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/8ada2b49-2cf3-4482-ba32-69dcfdfdee84

https://www.globenewswire.com/NewsRoom/AttachmentNg/37ca58a1-438d-41be-9aa5-01115a320d9a

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Figure 1.

Plan map of Dropkick drill holes showing highlights of latest results.
Figure 2.

Plan map of occurrences with selected drill intersections along the Appleton Fault Zone.
Source: Labrador Gold Corp.

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